Issue - meetings

To receive a report of the Director of Corporate Operations presenting the Treasury Management Strategy Statement for 2023/24 to 2025/26.

Members received a report of the Director of Corporate Operations presenting the Treasury Management Strategy Statement for 2023/24 to 2025/26

Members heard that despite a declining position in the cash investment balance, as per the County Council’s agreed budget, this still reflected a significant reserves and working capital balances to be invested, even after the pre-payment of pension contributions.

In accordance with its borrowing strategy the County Council were not anticipating any requirement to take on new borrowing, however would continue to take advice from Arlingclose and would identify any opportunity to make favourable repayment of previous borrowing.

In response to Members questions it was heard that.

·         The County Council had a number of funding sources available for use without the need for external borrowing, with the majority of the capital programme met through grant funding. The County Council’s strong financial position had allowed it to take advantage of internal borrowing to finance a portion of its capital programme. Any funds held on behalf of third parties where interest is due to be paid would be paid at base rates.

·         An allocation of up to £320 million was available for external pooled fund investments. There were no immediate plans to change the current portfolio of pooled fund investments, however this would be kept under regular review with the Council’s advisors Arlingclose. 

RESOLVED:

That the Audit Committee notes the following recommendations that were made to Cabinet:

·         That the Treasury Management Strategy for 2023/24 (and the remainder of 2022/23) be approved.

·         That authority is delegated to the Director of Corporate Operations to manage the County Council’s investments and borrowing according to the Treasury Management Strategy Statement as appropriate.